Latest Property Headlines

May 23 2005 // Nearly Half of Large, Mid-sized Businesses Purchased Terrorism Insurance in 2004 Nearly half of large and mid-sized U.S. businesses obtained insurance to cover property terrorism risks during 2004, a dramatic increase from...

Atlanta Chartered Property Casualty Underwriters Elect New Officers

May 19 2005 // The Atlanta Chapter of the Chartered Property Casualty Underwriters Society elected and installed its new officers at its monthly luncheon meeting. The new officers for 2005/2006 are: Larry Long, president, Allstate; Phil...

R&M: Rates Declining in U.K. Commercial Property Market, as Capacity Increases

May 18 2005 // Dublin-based Research and Markets has added a report on UK Commercial Property Insurance 2005 to their offering, which provides “an in-depth analysis of the commercial property market in the UK, analyzing the key...

Citizens Property Considering Direct Reporting of Claims

May 18 2005 // New policies soon to be implemented by Citizens Property Insurance Corp., were presented last week to representatives from major insurance companies in Florida and Florida Association of Insurance Agents representatives...

Hurricane Relief Property Tax Refunds Being Mailed to Fla. Homeowners

May 18 2005 // Florida homeowners forced out of their homes for 60 days or more last year as a result of named tropical storms or hurricanes have begun to receive hurricane relief payments from the Department of Revenue. Checks averaging...

NAMIC: N.D. Loss-History Bill Will Have ‘Immediate Impact’

May 11 2005 // Legislation enacted by the North Dakota legislature will have “a fundamental and immediate impact” on how insurers conduct business in the state, according to a spokesman from the Indianapolis-based National...

S&P Reports on 5 Bermuda Property Catastrophe Reinsurers

May 10 2005 // Standard & Poor’s Ratings Services has issued a report, entitled “Peer Comparison: Bermuda Property Catastrophe Reinsurers,” which examines the differences between five of the island’s...

Nearly Half of Large and Mid-Sized U.S. Businesses Buy Terror Coverage

May 9 2005 // Nearly half of large and mid-sized U.S. businesses obtained insurance to cover property terrorism risks during 2004, a dramatic increase from the 2003 average of 27 percent. Businesses in Boston and Washington, D.C. led...

Best Affirms Ratings for American Modern; Assigns Issuer Credit Ratings

May 5 2005 // A.M. Best Co. has affirmed the financial strength rating of A+ (Superior) of Ohio-based American Modern Insurance Group (American Modern) and its property/casualty affiliates. A.M. Best has also affirmed the financial...

Max Re Reports $6.2 Million Q1 Net Income Decrease

May 2 2005 // Bermuda-based Max Re Capital Ltd. reported net income for the three months ended March 31, 2005 of $36.8 million, or $0.74 per diluted share, compared to net income of $43.0 million, or $0.87 per diluted share, for the...

Key Issues Remain Unsolved As Fla. Passes HB 1937

Apr 29 2005 // House Bill 1937 passed with a vote of 96-20 on Thursday, despite opposition about exemptions on paying policy limits. One of the key issues still under consideration is a legislative remedy for a 2004 Florida court...

ISO: Insurers to Pay Policyholders $2.1 Billion for Q1 Catastrophe Losses

Apr 29 2005 // U.S. property/casualty insurers are expected to pay homeowners and businesses an estimated $2.1 billion for insured property-loss claims from eight catastrophes in the first quarter, according to preliminary estimates by...

The Hartford Notes 17% Gain in Q1 Net Income

Apr 28 2005 // The Hartford Financial Services Group Inc. set a new quarterly record with net income of $666 million, or $2.21 per diluted share, in the first quarter of 2005, a 17-percent increase over the prior-year period. Net income...

Nearly Half of Large and Mid-Sized U.S. Businesses Buy Terror Coverage, Marsh Study Finds

Apr 28 2005 // Nearly half of large and mid-sized U.S. businesses obtained insurance to cover property terrorism risks during 2004, a dramatic increase from the 2003 average of 27 percent. Meanwhile, the cost of property terrorism...

Lexington Launches Outsourcing Coverage

Apr 26 2005 // Lexington Insurance Company, a member company of American International Group, announced the launch of “Outsourcing Protector”(SM), a new property insurance offering designed to help companies address the risks...

Experts Report Commercial Property Terrorism Modeling Getting Better

Apr 18 2005 // Insurance companies are getting a better handle on how to estimate commercial property terrorism exposures and price the coverage thanks to advances in computer modeling. Despite the strides made in modeling to estimate...

First Underwriting Profit Since 1978, Investment Gains Send Industry’s Net Income and Surplus to Record Highs

Apr 12 2005 // Benefiting from a rare profit on underwriting and investment gains, the U.S. property/casualty insurance industry’s net income after taxes rose 29 percent to a record $38.7 billion in 2004 from $30 billion in...

P/C Industry Says Treasury Study Inadequate Gauge of Terrorism Insurance Market

Apr 11 2005 // Two months before the study is expected to be done, the property casualty insurance industry is getting nervous about a study on terrorism insurance being conducted by the Treasury Department, a study some in Congress are...

Hartford Announces ‘Ocean Companion’ Cargo Rider

Apr 8 2005 // The Hartford Financial Services Group, Inc. announced the launch of its new “Ocean Companion” endorsement, which attaches to the company’s Property Choice policy for medium-sized businesses. It”...

Insurers Offer Advice to Storm Victims in Okla.

Apr 7 2005 // An insurance trade association with responsibility for Oklahoma and Texas reported that the violent storm that struck Tulsa recently will cost tens of millions of dollars in insured losses. “The full extent of the...